Twentyfour Inc Share Price (TFIF)

I think taking the fees from income rather than capital although understandable would nevertheless appear to be a change of policy from prior years where they've aimed to distribute all the income they've received. Perhaps they might clarify and confirm the change of poliicy (and why).

Also, I'm not sure that I follow the "income drag" comment. I would imagine that the purchase yield is forward looking; in which event crystallising trading gains (which I'm assuming is akin to selling shares cum dividend) and posting all the gain to NAV is a bit of a "cheat" (IMO part of the gain would be attributable to the interest foregone and that element should be posted to income to "square the circle").

If you have seen todays fact sheet you will have noted that MTM has fallen and the PY has increased (to 11.7%). Twentyfour have now clarified why there is a difference between these published factsheets and 'actual' yields.

-'fees will be taken from the published purchase yield and this is c. 1%. There has also been an income drag because we’ve had crystalised trading gains throughout the year (which has gone through the NAV). The total combination of these will make up the difference between the two figures'

Hope this helps. It will certainly allow us more insight into future dividends. In the past my holdings here were smaller and I never really probed into the divi payments (it gets more complex if the base rate changes throughout the year)

Compared to most other IT's I cannot fault the customer service at Twentyfour who have been very good at responding to my questions.

As always Twentyfour were excellent at responding (within hours). From one of the comments I think that they were expecting a slightly higher divi themselves!

I didn't get a reason for the difference between the purchase yield and the 'actual' yield so I will chase this up on another occasion.

The comment from the portfolio managers were that the yield last year was higher because of unexpected UKML crystallisation, also 'profits have been taken on deals pre maturity as part of usual trading in 23/24 and that was recognised as capital gains (and therefore in the NAV).'

Hopefully it will be clearer once the annual report is published.

I was hokng for about 5p. not a cut on last years final div. What a wash out!

No! I am really surprised.

I was expecting 5p and hoped it could be 5.5p As you say the purchase yield has been constantly at 11%+ so it would be interesting to hear their comments on this.

It puts it around a 9.5% yield on the current share price and 9.1% on the last nav - someway short of the last quoted purchase yield of 11.4% in the Feb factsheet (when the share price was 104p).